Lebanon has been grappling with a severe economic crisis since 2019
Lebanese banks will go on strike on March 14 in protest of “arbitrary judicial decisions,” according to a bank association.
The Association of Banks in Lebanon (ABL) issued a statement calling for “quick legal measures to put an end to contradictory standards on issuing rulings that drain depositors’ remaining funds.”
It emphasized the importance of “correcting the flaw in some arbitrary judicial decisions.”
In the midst of the country’s deep economic crisis, Lebanese banks have imposed restrictions on the withdrawal of funds in foreign currency since 2019. Banks have also set withdrawal limits in local currency.
According to the ABL, legal measures allowed borrowers to repay foreign currency loans to banks at the previous official exchange rate of 1,500 Lebanese liras per US dollar.
“However, banks were also required to pay or transfer some foreign currency deposits in cash, in the same currency,” the statement continued.
The banks held the government accountable for finding a comprehensive solution to the crisis.
“We are forced to strike beginning Tuesday, March 14,” the ABL stated.
Lebanon has been in the grip of a severe economic crisis since 2019, with most people unable to access their bank accounts.
